The Goldman Sachs Group Issues Positive Forecast for AvidXchange (NASDAQ:AVDX) Stock Price

AvidXchange (NASDAQ:AVDX) had its price target boosted by The Goldman Sachs Group from $7.00 to $9.00 in a report published on Thursday,Benzinga reports. They currently have a sell rating on the stock.

A number of other analysts have also recently commented on the company. KeyCorp reduced their price objective on AvidXchange from $15.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. BMO Capital Markets dropped their price objective on shares of AvidXchange from $13.00 to $10.00 and set a “market perform” rating on the stock in a report on Thursday, August 1st. Robert W. Baird cut their target price on shares of AvidXchange from $16.00 to $14.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Barclays cut their price objective on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Finally, Keefe, Bruyette & Woods raised their target price on AvidXchange from $9.00 to $10.00 and gave the stock a “market perform” rating in a report on Thursday. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, AvidXchange currently has a consensus rating of “Hold” and a consensus target price of $11.18.

AvidXchange Stock Up 0.6 %

NASDAQ AVDX traded up $0.06 during trading hours on Thursday, reaching $10.06. 1,941,479 shares of the company’s stock traded hands, compared to its average volume of 2,074,532. The firm has a market cap of $2.09 billion, a PE ratio of -166.00 and a beta of 1.00. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 1.36. AvidXchange has a 52-week low of $7.38 and a 52-week high of $13.56. The firm has a 50-day simple moving average of $8.14 and a 200 day simple moving average of $9.84.

Insider Activity at AvidXchange

In other AvidXchange news, insider Joel Wilhite sold 47,308 shares of AvidXchange stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total value of $383,194.80. Following the sale, the insider now owns 413,687 shares of the company’s stock, valued at $3,350,864.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Ryan Stahl sold 7,427 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $8.58, for a total transaction of $63,723.66. Following the transaction, the insider now owns 369,603 shares of the company’s stock, valued at approximately $3,171,193.74. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Joel Wilhite sold 47,308 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $8.10, for a total value of $383,194.80. Following the completion of the sale, the insider now owns 413,687 shares of the company’s stock, valued at approximately $3,350,864.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 166,386 shares of company stock valued at $1,343,044. Insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On AvidXchange

Hedge funds and other institutional investors have recently made changes to their positions in the company. Advisors Asset Management Inc. grew its holdings in AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock valued at $57,000 after purchasing an additional 2,114 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in AvidXchange during the 3rd quarter valued at $38,000. nVerses Capital LLC bought a new position in shares of AvidXchange during the 2nd quarter worth $66,000. CWM LLC increased its stake in shares of AvidXchange by 7,259.8% during the third quarter. CWM LLC now owns 6,771 shares of the company’s stock valued at $55,000 after buying an additional 6,679 shares during the period. Finally, Xponance Inc. purchased a new stake in AvidXchange in the second quarter worth about $133,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

AvidXchange Company Profile

AvidXchange Holdings, Inc provides accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers in North America. The company offers AP automation software, a SaaS-based solution that automates and digitizes capture, review, approval, and payment of invoices for buyers; the AvidPay network that connects two-sided payments with buyers and suppliers; and the AvidXchange Supplier Hub, which provides supplier insights to cash flow, tools for in-network invoices and payments, and early payment feature.